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Robinhood, Kraken, and Galaxy Digital among others have formed a joint stablecoin that is pegged to the dollar and this announcement was made on Monday. The Global Dollar Network, as it is called, has the primary objective of increasing the use of stablecoins across the globe and enhancing economic benefits of all partner entities.
Stablecoins are generally conceived as digital currencies with a fixed exchange rate in which traditional currencies like the U.S. dollar or euro serve as reserves. Unlike most other cryptocurrencies, they possess more steadiness, thus making it possible to convert crypto tokens to conventional currencies easily without extreme price fluctuations.
Most companies now appear to be concentrating on bolstering the use of stablecoins as a trustworthy and dependable crypto asset as the price of cryptocurrencies such as Bitcoin has increased this year on account of lower expectations of interest rates in the US and new crypto ETF’s coming into the market.
Why Robinhood and Kraken are Pushing for the Global Dollar Network Launch
The Global Dollar Network is introducing a new stablecoin called USDG, which crypto platform Paxos will issue from Singapore. This token will be overseen by a committee made up of representatives from the network’s partners, including Anchorage Digital, Bullish, and Nuvei.
USDG has a tough road ahead as it enters a market dominated by two giants—Tether and USD Coin—which hold nearly 90% of the total market share, according to CoinGecko data.
This initiative reflects the optimism within the crypto industry that U.S. regulators may embrace digital assets in the near future, regardless of the outcome of Tuesday’s presidential election.
“Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal wide adoption of this technology,” Paxos CEO Charles Cascarilla said during an interview.
Trump Goes Ahead of Harris on Robinhood’s New Prediction
This year, election prediction markets are buzzing, and it’s not just pollsters making forecasts—everyday investors are joining the mix, too. Robinhood is the latest platform to dive into election betting, and since launching its election contracts last week, users have placed over 100 million bets, according to the company’s CEO.
The Robinhood app lets users track live bets as they roll in, showing real-time shifts in odds between candidates. At the moment, former President Donald Trump is leading with 55%, while Vice President Kamala Harris follows closely at 46%.
Known for stock and crypto trades, Robinhood added U.S. election betting to its lineup last week, marking its first step into prediction markets with these election contracts. To participate, users must be U.S. citizens and qualify for a Robinhood Derivatives account.
Kraken Sacks 15% Of Staff
An American cryptocurrency exchange is making big changes to streamline its operations and work toward becoming the world’s largest crypto platform. As part of this shift, Kraken will be reducing its workforce by at least 15%.
Kraken says the restructuring is all about placing innovation at the core of its strategy. With this new focus, the exchange plans to give more responsibility to its engineering, product, and design teams to drive results. Additionally, Kraken intends to make more data-driven decisions to better serve clients and ensure its productivity aligns with customer needs, a move the company believes will be essential to its growth.
Robinhood, Kraken, and Galaxy Digital’s move to launch the Global Dollar Network will drive stablecoin adoption and expand economic access. This launch coincides with growing interest in election betting markets. Robinhood, which recently entered this space, reports over 100 million election bets placed in just one week, reflecting a rising trend of investor interest in prediction markets.
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